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ITAT Clarifies 80P Deduction on Deposited Funds of Cooperative Societies
Case Law Details
- Case Name
- Vijaya Bank Employees Cooperative Credit Society Vs ITO (ITAT Bangalore)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 2022-23
- Courts
- All ITAT, ITAT Bangalore
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Vijaya Bank Employees Cooperative Credit Society Vs ITO (ITAT Bangalore)
Interest on Bank Deposits Still 80P-Eligible: ITAT Allows Deduction u/s 80P(2)(a)(i) to Credit Co-op Society
Bangalore ITAT has allowed deduction u/s 80P(2)(a)(i) to Vijaya Bank Employees Cooperative Credit Society for AY 2022-23, reversing the denial of deduction on interest income of ₹13.51 lakh earned from bank deposits.
The Assessee, a members’ credit cooperative society, claimed deduction of its entire business income under section 80P(2)(a)(i). The AO & NFAC-CIT(A) denied deduction on interest from SB accoun...
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